SECP’s revised inquiry confirms regulatory capture by AKD Investment -- Karachi Stock Exchange

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Date Posted: 01:25:11 12/01/13 Sun
Author: Newspaper
Subject: SECP’s revised inquiry confirms regulatory capture by AKD Investment

According to sources, the report, to be submitted to the Supreme Court of Pakistan, implicates former SECP Chairman Mohammad Ali, Commissioner SECP Imtiaz Haider and some stock market tycoons in insider trading. The report, a copy of which is available with The News, was approved on October 24 in a special meeting of SECP policy board chaired by Federal Secretary Finance Dr Waqar Masood. Sources said the report strengthens the investigations of the National Accountability Bureau (NAB) in Rs100 billion Ogra corruption case as it confirms that the stock market tycoon Aqeel Karim Dhedhi (AKD) minted billions by manipulating the shares of gas utilities companies SSGCL and SNGPL through inside help in 2010 and 2011. According to NAB sources, Dhedhi is accused of using inside information about raise in UFG (unaccounted for gas) benchmark during the tenure of ex-Ogra Chairman Tauqir Sadiq to make billions of rupees by manipulating the shares of the gas companies. NAB has already interrogated former SECP officials for their alleged role in the Ogra scam. The bureau is expected to file the final reference in Ogra scam in the first week of November and the fresh report is likely to be made part of the evidence. The initial inquiry by the SECP policy board was conducted on the orders of the Supreme Court which had directed the board on April 12, 2013 to probe the role of commission in preventing stock market manipulations and insider trading. The first inquiry report was submitted to the apex court on July 10 but the apex court directed the board to review the report after objections raised by accused persons. The board constituted an independent committee on July 22 to look into reservations expressed by the accused persons and companies. The committee drafted a detailed report which included para-wise reply to the objections raised by Dhedhi and others. In its revised report, the committee endorsed the findings of the initial report which held SECP’s former administration responsible for ignoring suspicious trading in the market. AKD had raised 16 objections to the first report of the policy board. He objected to the appointment of Bushra Aslam as member of the Policy Board’s inquiry committee saying that Bushra was herself accused in the petition filed with the Supreme Court and there was a case of conflict of interest.

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